Impact of Sales Growth, Profitability, Liquidity, and Size on Firm Value in the Automotive Sector
Abstract
The value of a firm is often reflected by the well-being of its investors. An increase in firm value not only showcases its current performance but also has significant implications for its future trajectory. This paper seeks to provide empirical evidence regarding the impact of sales growth, profitability, liquidity, and firm size on firm value, guided by signaling theory and pecking order theory. The focus of this study is on firms within the automotive and components subsector listed on the Indonesia Stock Exchange (IDX) over the period from 2019 to 2022. We employed a purposive sampling method to select our samples, which were examined on a quarterly basis, culminating in a total of 112 observations. Our analysis, conducted through multiple regression techniques, indicates that sales growth does not significantly impact the value of a company. However, an increase in profitability correlates with an increase in firm value. Conversely, an increase in both liquidity and firm size appears to negatively affect firm value. These findings underscore the complex interplay between various financial metrics and their influence on a company's market valuation.
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References
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Situngkir, J., Mukti, A. H., & Christiningrum, M. F. (2023). The Effect of Sales Growth and Profitability on Company Value with Debt Policy as Moderating Variables. Basic and Applied Accounting Research Journal, 3(1), 12–19. https://doi.org/10.11594/baarj.03.01.03
Sondakh, R. (2019). The Effect Of Dividend Policy, Liquidity, Profitability And Firm Size On Firm Value In Financial Service Sector Industries Listed In Indonesia Stock Exchange 2015-2018 Period. Accountability, 8(2), 91. https://doi.org/10.32400/ja.24760.8.2.2019.91-101
Sulistiani, J., Elwisam, Digdoiseiso, K., & Zawai, N. H. M. (2024). The Influence of Company Size, Profitability, Liquidity, And Leverage On Firm Value In Pharmaceutical Sub-Sector Manufacturing Companies Listed On The Indonesian Stock Exchange For The Period 2012-2015. Journal of Social Science, 5(3), 957–970.
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Agus Suwardika, I. N., & Mustanda, I. K. (2017). Pengaruh Leverage, Ukuran Perusahaan, Pertumbuhan Perusahaan, dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Properti. E-Jurnal Manajemen Unud, 6(3), 1248–1277.
Amar, A., Rizal, N., & Rijalus Sholihin, M. (2021). Effect of Liquidity, Dividend Policy, Sales Growth on Company Value. Assets: Scientific Journal of Accounting, Finance and Tax Sciences, 5(2), 56–62.
Ambarwati, N. S., Yuniarta, G. A., & Sinarwati, N. K. (2015). Pengaruh Modal Kerja, Likuiditas, Aktivitas dan Ukuran Perusahaan Terhadap Profitabilitas Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi , 3(1).
Anggraini, C., & Agustiningsih, W. (2022). Pengaruh Profitabilitas, Ukuran Perusahaan dan Pertumbuhan Penjualan terhadap Nilai Perusahaan. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(2), 1842–1859. https://doi.org/10.31955/mea.v6i2.2344
Anugerah, K. H. G., & Suryanawa, I. K. (2019). Pengaruh Leverage dan Ukuran Perusaaan Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 26(3), 2324–2352. https://doi.org/10.24843/EJA.2019.v26.i03.p24
Arianto, K., Samanto, H., & Lila Kusuma, I. (2023). The Influence Of Leverage, Profitability And Sales Growth On Firm Value In Manufacturing Companies In The Food And Beverage Sub Sector Listed On The Indonesian Stock Exchange (IDX) In 2019-2022. International Journal of Economics, Business and Accounting Research (IJEBAR), 07(3), 1178–1186.
Asri Damayani, K., & Wirawati, N. G. P. (2022). Profitabilitas, Likuiditas, Ukuran Perusahaan dan Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 32(1), 17–29. https://doi.org/10.24843/eja.2022.v32.i01.p02
Astiti, N. P. S., & Eka Damayanthi, I. G. A. (2018). Pengaruh Manajemen Laba pada Nilai Perusahaan Sesudah Pergantian Chief Executive Officer (CEO). E-Jurnal Akuntansi Universitas Udayana, 23(1), 185–210. https://doi.org/10.24843/EJA.2018.v23.i01.p08
Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan (Edisi 14). Salemba Empat.
Candani, N., & Nyoman Badera, I. D. (2022). Pengaruh Profitabilitas dan Pertumbuhan Penjualan pada Nilai Perusahaan. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 11(04), 392–399. https://doi.org/10.24843/EEB.2022.v11.i04.p01.
Cintia Dewi, W., Yamin Siregar, M., & Setia Tarigan, E. D. (2020). Pengaruh Likuiditas dan Pertumbuhan Penjualan terhadap Nilai Perusahaan pada Perusahaan Telekomunikasi yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2018. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 1(1), 106–111. https://doi.org/10.31289/jimbi.v1i2.406
Dewi, D. C., Nurhayati, E., & Syarifudin, S. (2021). Pengaruh Likuiditas Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderating (Studi Empiris Pada Perusahaan Sektor Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Periode 2017 – 2020). Jurnal Riset Keuangan Dan Akuntansi, 7(2), 87–102. https://doi.org/10.25134/jrka.v7i2.4966
Dewi, I. A. P. T., & Sujana, I. K. (2019). Pengaruh Likuiditas, Pertumbuhan Penjualan, dan Risiko Bisnis Terhadap Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 26(1), 85–110. https://doi.org/10.24843/EJA.2019.v26.i01.p04
Febriani, R. (2020). Pengaruh Likuiditas dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Pendidikan, Akuntansi Dan Keuangan , 3(2), 216–245.
Firdaus, I., & Tanjung, J. (2022). The Influence of Liquidity, Solvency, Activity, Profitability, And Sales Growth on Company Value. International Journal of Multidisciplinary Research and Analysis, 05(06). https://doi.org/10.47191/ijmra/v5-i6-36
Grediani, E., & Dianingsih, M. (2022). Struktur Aset, Ukuran Perusahaan, Likuiditas, Profitabilitas, dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(4), 877–888. https://doi.org/10.24843/EJA.2022.v32.i04.p04.
Hanafi, Mamduh. M. (2016). Manajemen Keuangan . BPFE.
Harahap, S. S. (2020). Analisis Kritis atas Laporan Keuangan. Raja Grafindo Persada.
Hargiansyah, R. F. (2015). Pengaruh Ukuran Perusahaan, Leverage dan Profitabilitas terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Artikel Ilmiah Mahasiswa, 1–6.
Hidayat, M. (2018). Pengaruh Manajemen Pajak, Pertumbuhan Penjualan dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur di BEI Periode 2014-2016. Measurement, 12(2), 206–215. https://doi.org/10.33373/mja.v12i2.1745
Iman, C., Nurfatma Sari, F., & Pujiati, N. (2021). Pengaruh Likuiditas dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ekonomi & Manajemen Universitas Bina Sarana Informatika, 19(2), 191–198. https://doi.org/10.31294/jp.v17i2
J. Gitman, L., & J. Zutter, C. (2015). Principles of Managerial Finance (14th ed.). Pearson Education Limited.
Jannah, S. M., & Sartika, F. (2022). The Effect of Good Corporate Governance and Company Size on Firm Value. International Journal of Research in Business and Social Science (2147- 4478), 11(2), 241–251. https://doi.org/10.20525/ijrbs.v11i2.1619
Kasmir. (2018). Manajemen Perbankan (Edisi Revisi). Raja Grafindo Persada.
Kementerian Perindustrian Republik Indonesia, P. D. I. (2021). Dampak Pandemi Covid-19 terhadap Industri Otomotif (Edisi I). Pusat Data dan Informasi . www.kemenperin.go.id
Kusuma, M., Assih, P., & Zuhroh, D. (2021). Pengukuran Kinerja Keuangan: Return on Equity (ROE) Dengan Atribusi Ekuitas. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2), 223–243.
Laili Fajriah, A., Idris, A., & Nadhrioh, U. (2022). Pengaruh Pertumbuhan Penjualan, Pertumbuhan Perusahaan, dan Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Ilmiah Manajemen Dan Bisnis, 7(1), 1–12. https://journal.undiknas.ac.id/index.php/manajemen
Loekito, V., & Wenny Setiawati, L. (2021). Analisis Pengaruh Corporate Social Responsibility, Ukuran Perusahaan, dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2019. Jurnal Akuntansi, Auditing Dan Keuangan , 18(01), 1–26. https://doi.org/10.25170/balance.v18i1
Mercyana, C., Hamidah, & Kurniianti, D. (2022). Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan dan Likuiditas terhadap Nilai Perusahaan Infrastruktur yang Terdaftar di BEI Periode 2016–2020. Jurnal Bisnis Manajemen Dan Keuangan, 3(1), 101–113.
Nuswandari, C., Sunarto, S., Jannah, A., & Ikromudin, I. (2019). Corporate Social Responsibility Moderated the Effect of Liquidity and Profitability on the Firm Value. Proceedings of the International Conference on Banking, Accounting, Management, and Economics (ICOBAME 2018), 87–90. https://doi.org/10.2991/icobame-18.2019.19
Rasyid, A. (2015). Effects of ownership structure, capital structure, profitability and company’s growth towards firm value. International Journal of Business and Management Invention ISSN, 4(4), 2319–8028. www.ijbmi.org
Sabaruddin, Pujarani, Q. E., & Hadi, S. (2022). Influence of Liquidity, Leverage, Profitability And Company Size to Company Value (Empire Study on Food Sub-Sector Companies And Beverages Listed on The Indonesia Stock Exchange Period 2014-2017). Basic and Applied Computational and Advanced Research Journal, 1(2), 55–62. https://doi.org/10.11594/bacarj.01.02.02
Sinta Adnyani, I. G. N., & Agung Suaryana, I. G. N. (2020). The Effect of Company Sizes, Sales Growth, And Profitability On Firm Values. American Journal of Humanities and Social Sciences Research (AJHSSR), 04(06), 256–271.
Situngkir, J., Mukti, A. H., & Christiningrum, M. F. (2023). The Effect of Sales Growth and Profitability on Company Value with Debt Policy as Moderating Variables. Basic and Applied Accounting Research Journal, 3(1), 12–19. https://doi.org/10.11594/baarj.03.01.03
Sondakh, R. (2019). The Effect Of Dividend Policy, Liquidity, Profitability And Firm Size On Firm Value In Financial Service Sector Industries Listed In Indonesia Stock Exchange 2015-2018 Period. Accountability, 8(2), 91. https://doi.org/10.32400/ja.24760.8.2.2019.91-101
Sulistiani, J., Elwisam, Digdoiseiso, K., & Zawai, N. H. M. (2024). The Influence of Company Size, Profitability, Liquidity, And Leverage On Firm Value In Pharmaceutical Sub-Sector Manufacturing Companies Listed On The Indonesian Stock Exchange For The Period 2012-2015. Journal of Social Science, 5(3), 957–970.
Van Horne, J. C., & M. Wachowicz, J. (2014). Fundamental of Financial Manajemen. Salemba Empat.
Vina, Toni, N., Ariesa, Y., & Hutagalung, G. (2022). The Effect of Leverage and Liquidity on Company Value With Company Size As A Moderating Variable on Property And Real Estate Companies Listed On The Indonesia Stock Exchange in 2015-2020. International Journal of Applied Finance and Business Studies, 1–6.
Wiagustini, L. P. (2014). Dasar-Dasar Manajemen Keuangan . Udayana University Press.
Widiarta, J. R., & Dermawan, E. S. (2023). The Effect Of Profitability, Firm Size, And Capital Structure On Firm Value In Manufacturing Companies. International Journal of Application on Economics and Business, 1(4), 2315–2325. https://doi.org/10.24912/ijaeb.v1i4.2315-2325
Wijayaningsih, S., & Yulianto, A. (2022). The Effect of Capital Structure, Firm Size, and Profitability on Firm Value with Investment Decisions as Moderating. Accounting Analysis Journal, 10(3), 150–157.
Wiyono, G., & Kusuma, H. (2017). Manajemen Keuangan Lanjutan Berbasis Corporate Value Creation Edisi Kesatu (1st ed.). UPP STIM YKPN.
Yulia Agustin, S., & Urip Wahyuni, D. (2020). Pengaruh Pertumbuhan Penjualan, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan Manufaktur. Jurnal Ilmu Dan RIset Manajemen, 9(4), 1–15.
Yuniati, R. A. N., Rachman, F., & Wahyuning Purwitasari, R. (2021). Analisa Makro Ekonomi pada Perusahaan Pelayaran di Indonesia. Jurnal Ilmu Manajemen, 9(1), 402–413. https://doi.org/10.26740/jim.v9n1.p402-413
Published
2024-10-09
How to Cite
AMBRI, I Ketut Hardy Putra; DAMAYANTHI, I Gusti Ayu Eka.
Impact of Sales Growth, Profitability, Liquidity, and Size on Firm Value in the Automotive Sector.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 9, oct. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/114839>. Date accessed: 30 jan. 2025.
doi: https://doi.org/10.24843/EJA.2024.v34.i09.p12.
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